The commercial vehicle stock rose more than 10% in a month and over 20% in the last 3 months which pushed the stock to a record high of Rs 191 on 11th August 2023.
The stock witnessed mild selling pressure, which was in line with the trend seen in broader markets but managed to hold on to Rs 900 levels. The stock closed at Rs 905 on 2nd August 2023.
The stock rose from Rs 1,244 recorded on 26th April 2023 to Rs 1,667 as on 26th July 2023 which translates into an upside of 34%. The stock also gave a breakout from a 6-week consolidation of a Flag pattern on the weekly charts which has opened room for the stock to head towards Rs 1,900 levels.
The stock with a market capitalization of more than Rs 3,100 crore on the BSE rose from Rs 219 as of 11th July to Rs 250 recorded on 18th July 2023 which translates into an upside of over 14%.
Experts suggest that UNO Minda, a part of the auto component sector, has broken out from a symmetrical triangle pattern on the weekly charts, leaving room for the stock to hit fresh record highs in the next three months. Short to medium-term traders may want to purchase the stock now, or on minor dips, with a target of Rs 690, they say.